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Pac Sun’s Loss Inflates

As reported by Bernard Sands in Weekly Ratings Alert:

Pacific Sunwear of California said its 1Q net loss ballooned to $37.1 million, or $0.53 a share, from $5.1 million last year, as it struggles in states hurt most by the housing crisis. Sales slipped to $266.9 million from $268.1 million and same store sales declined 1%. Pac Sun lowered its fiscal 2008 profit forecast, citing difficulty in California, Florida, Nevada and Arizona, states that are heavily burdened by housing foreclosures.